Mister Spex SE (MRX) AI Stock Analysis

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Mister Spex SE

(XETRA:MRX)

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Rating:38Underperform

Price Target:EUR 0.90▼(-7.53% Downside)

Action:downgraded

Date:08/19/26

The overall score is critically low, driven primarily by a deeply distressed financial profile. The company is unprofitable, burning cash, and has a dangerously leveraged balance sheet. This fundamental weakness is confirmed by a bearish technical trend, with the stock trading below all major moving averages, and a negative P/E ratio that underscores the lack of earnings. The combination of these factors points to a high-risk investment with no clear catalyst for recovery.

Positive Factors

Loss reductionThe substantial improvement from the 2024 loss trough shows that profitability has recovered somewhat, even though earnings remain negative. If this progress continues, it could strengthen operating resilience and provide a foundation for eventual sustainable profitability.

Negative Factors

Revenue contractionShrinking revenue signals weakening business volume and makes it harder to spread fixed costs across sales. Continued contraction could limit operating leverage, reduce the resources available for investment, and delay any path toward durable profitability over the next several quarters.

Mister Spex SE (MRX) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 33.28M
Dividend Yield: ―
Average Volume (3M): 6,321
Price to Earnings (P/E): -1.1
Beta (1Y): 0.91
Revenue Growth: -12.21%
EPS Growth: 62.09%
Country: Germany
Employees: 971
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Specialty Retail

Mister Spex SE Business Overview & Revenue Model

Company Description

Mister Spex SE, an optical products retailer headquartered in Berlin, Germany, was established in 2007. The company offers a comprehensive range of eyewear, encompassing prescription spectacles, sunglasses, and contact lenses, to customers across ten...

Mister Spex SE Financial Statement Overview

Summary

Financial health is critically weak. Revenue is declining, gross margin has collapsed to 12.0%, and the company remains deeply unprofitable with a -17.6% net margin. Equity has been decimated, pushing the debt-to-equity ratio to a risky 1.72x, while cash flows are negative and volatile, indicating a business in distress with a limited financial runway.

Income Statement

18Very Negative

Balance Sheet

35Negative

Cash Flow

22Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	171.73M	181.46M	216.75M	223.53M	210.07M	194.25M
Gross Profit	20.57M	18.70M	111.22M	24.81M	108.73M	32.82M
EBITDA	-4.35M	-8.20M	-51.02M	-18.64M	-21.99M	-8.48M
Net Income	-30.14M	-28.17M	-84.86M	-47.88M	-44.93M	-31.52M
Balance Sheet
Total Assets	135.76M	144.31M	171.27M	306.48M	293.23M	325.32M
Cash, Cash Equivalents and Short-Term Investments	43.17M	56.19M	73.08M	111.15M	128.30M	178.08M
Total Debt	57.03M	60.11M	66.35M	86.61M	61.66M	51.69M
Total Liabilities	102.58M	98.16M	99.43M	151.02M	92.23M	80.53M
Stockholders Equity	33.18M	46.15M	71.84M	155.45M	201.00M	244.78M
Cash Flow
Free Cash Flow	-3.37M	-1.38M	-22.68M	-8.57M	-40.52M	-43.67M
Operating Cash Flow	-1.48M	1.55M	-16.30M	6.04M	-20.84M	-27.82M
Investing Cash Flow	-5.76M	-2.92M	-6.38M	-14.61M	3.75M	-40.93M
Financing Cash Flow	-15.07M	-14.57M	-15.85M	-8.57M	-4.76M	203.86M

Mister Spex SE Technical Analysis

Technical Analysis SentimentNegative

Last Price0.97

Price Trends

50DMA1.08Negative

100DMA1.12Negative

200DMA1.20Negative

Market Momentum

MACD-0.04Positive

RSI40.96Neutral

STOCH19.58Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:MRX, the sentiment is Negative. The current price of 0.97 is below the 20-day moving average (MA) of 1.03, below the 50-day MA of 1.08, and below the 200-day MA of 1.20, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 40.96 is Neutral, neither overbought nor oversold. The STOCH value of 19.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:MRX.

Mister Spex SE Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

DE:MRX against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
DE:ZAL	60Neutral	EUR 6.82B	120.44	2.32%	―	18.07%	-73.50%
DE:GFG	56Neutral	EUR 104.86M	-4.11	-17.93%	―	-5.24%	67.43%
DE:BIKE	52Neutral	EUR 91.87M	53.92	1.47%	―	26.35%	―
DE:PUM	50Neutral	EUR 3.89B	-8.87	-24.18%	2.30%	-19.49%	-53.96%
DE:MRX	38Underperform	EUR 32.47M	-1.09	-68.17%	―	-12.21%	62.09%

* Consumer Cyclical Sector Average

Performance Comparison

DE:MRX and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:MRX	Mister Spex SE	0.97	-0.53	-35.33%
DE:PUM	PUMA SE NPV	26.18	9.89	60.76%
DE:BIJ	Bijou Brigitte Modische Accessoires	46.70	11.83	33.92%
DE:ZAL	Zalando SE	28.46	5.52	24.06%
DE:GFG	Global Fashion Group S.A.	0.47	0.18	60.34%
DE:BIKE	Bike24 Holding AG	2.24	-0.96	-30.00%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 19, 2026

Mister Spex SE AI Stock Analysis